Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 (171 of 2012)

Schedule 3   Collection and disclosure of information

Part 1   Amendments

Superannuation Industry (Supervision) Act 1993

42   At the end of Division 6 of Part 2B

Add:

29QB Certain information required to be made publicly available

(1) An RSE licensee of a registrable superannuation entity must ensure that the following is made publicly available, and kept up to date, at all times on the registrable superannuation entity's website:

(a) details of the remuneration of:

(i) if the RSE licensee is a body corporate - each executive officer in relation to the RSE licensee; and

(ii) if the RSE licensee is a group of individual trustees - each trustee of the registrable superannuation entity;

being details of a kind prescribed by the regulations;

(b) any other document or information prescribed by the regulations.

(2) A person commits an offence if:

(a) the person is:

(i) a body corporate that is an RSE licensee; or

(ii) a member of a group of individual trustees that is an RSE licensee; and

(b) the RSE licensee contravenes subsection (1).

Penalty: 50 penalty units.

(3) Subsection (2) is an offence of strict liability.

Note 1: For strict liability, see section 6.1 of the Criminal Code.

Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal liability and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.

29QC Obligation to give consistent information

(1) Subject to subsection (2), if:

(a) an RSE licensee is required to give information to APRA under a reporting standard (within the meaning of the Financial Sector (Collection of Data) Act 2001); and

(b) under the reporting standard, the information is required to be calculated in a particular way; and

(c) the same or equivalent information is given by the RSE licensee to a person other than an agency of the Commonwealth or of a State or Territory, whether or not by publishing the information on a website;

the RSE licensee must ensure that the information given to the other person is calculated in the same way as the information given to APRA.

(2) Subsection (1) does not apply to information given to the other person in circumstances prescribed by the regulations.

(3) A person commits an offence if:

(a) the person is:

(i) a body corporate that is an RSE licensee; or

(ii) a member of a group of individual trustees that is an RSE licensee; and

(b) the RSE licensee contravenes subsection (1).

Penalty: 50 penalty units.

(4) Subsection (3) is an offence of strict liability.

Note 1: For strict liability, see section 6.1 of the Criminal Code.

Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal liability and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.